Explore Business Standard
Jewellery Sales
Even though the GST for gems and jewellery remained unchanged at 3 per cent, jewellers on Thursday welcomed the government's decision to reduce GST rates in other sectors, saying it would indirectly benefit the industry and boost demand. "The current GST reforms (GST 2.0) offer no direct and immediate relief to gems and jewellery exporters. Importantly, the gems and jewellery sector was excluded from the latest reforms. The reforms do not offset the adverse impact of the US tariffs, since input costs and compliance burdens remain unchanged," All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde told PTI. However, he said, by focusing on stimulating consumption, the GST changes will support the gems and jewellery sector indirectly over the longer term. "The new rates, effective from September 22, are expected to boost consumption, with the overall fiscal impact of the overhaul estimated at around Rs 50,000 crore," Rokde added. The GST Council, in its meeting held
Jewellery retailer Senco Gold has reported a 5.8 per cent growth in consolidated profit after tax at Rs 109.32 crore for the quarter ended December 31, 2023. The company's profit after tax (PAT) stood at Rs 103.35 crore during the corresponding quarter of the previous fiscal, the jewellery retailer said in a regulatory filing on Tuesday. The company's revenue from operations grew by 23.3 per cent during the quarter under review at Rs 1,652.20 crore, compared to Rs 1,339.63 crore in the same period of the previous year. "Our consistent performance demonstrates our robust execution capability, operational prudence and financial rigour. We achieved the highest-ever third quarter revenue of Rs 1,652 crore recording quarter-on-quarter (QOQ) growth of 43 per cent and year-on-year (YoY) growth of 23 per cent... "The new showroom launches of 18 so far have also led to investment in working capital out of our internal accruals, IPO funds and incremental borrowing. We thus remain dedicated t
Kalyan Jewellers reported a 21.51 per cent growth in consolidated Profit After Tax (PAT) at Rs 180.37 crore for the December quarter. The company's PAT stood at Rs 148.43 crore during the year-ago period, the company said in a regulatory filing. Revenue from operations of the Thrissur-headquartered company grew 34.47 per cent during the third quarter of the ongoing fiscal to Rs 5,223.07 crore as against Rs 3,884.09 crore in the year-ago period. The jewellery retailer further stated the company's total revenue from its Middle East operations during the quarter under review was Rs 683 crore against Rs 641 crore a year ago, registering a growth of over 6 per cent. "Consolidated revenue growth for the first nine months of the current fiscal is around 31 per cent and revenue growth in India is 36 per cent driven by robust network expansion along with healthy same-store-sales-growth," Kalyan Jewellers India Executive Director Ramesh Kalyanaraman said. "The ongoing quarter has also start
All India Gem and Jewellery Domestic Council (GJC) on Thursday announced the first 'India Jewellery Shopping Festival', from October 12 to November 17 and said it expects a 35 per cent growth in sales compared to the festive period last year. The nationwide shopping festival is expected to witness participation from over 5,000 jewellery retailers and distributors and will help boost the overall business sentiment across the industry, GJC chairman Saiyam Mehra told reporters. IJSF is a potential pool for all jewellery traders, and key industry participants have shown significant interest. Consumers and producers both benefit from the event. The jewellers have the opportunity to expand and increase their sales," he said. GJC Director and IJSF Convenor Dinesh Jain said these initiatives by IJSF will attract estimated 2.4 million end customers and are expected to bring in sales worth Rs 1.2 lakh crores. The purpose of IJSF is also to boost the business of single-store jewellery busines
Sales of jewellery and gold items remained sluggish on the auspicious Akshaya Tritiya day on Saturday despite heavy footfalls at stores as high prices of the precious metal dampened the festive demand, according to jewellers. Jewellers are expecting a nearly 10 per cent decline in sales volume on Akshaya Tritiya this year compared to last year as gold prices have zoomed around 20 per cent since last year and customers are either making token purchases or going for lightweight jewellery. Akshaya Tritiya day is considered auspicious for buying gold, jewellery and valuables. However, as the auspicious occasion is spread over two days this year, jewellers are hopeful that sales will revive on Sunday. There have been steady footfalls since morning in jewellery retail stores, however, consumers are mainly going in for lightweight jewellery or 1-2 grams of gold coins as a token purchase to celebrate the festive occasion, jewellers said. "We have been getting positive responses on consumer